Qualities You Need To Look For In Your Next Client

How do advisors find their ideal prospects?

Finding and cultivating the ideal prospect can be a time consuming task. Perhaps you like working with a certain profession, demographic or company. Within those niches are multiple personalities, problems and experiences.

We all have had clients you love, the ones that call you every day those that keep you up at night, and everything in between.

As your book as grown, maybe you transitioned a client off to a junior advisor or outright fired them as a client.

Regardless of the profession, demographic or sometimes net worth of the individual, there is 1 item that remains constant, we enjoy knowing and working with them.

Right level of financial affluence or net worth

Wealth Advisor’s minimums change all the time. They will be lower in the early years and increase as their practice and book grows. There is an inverse relationship with money and time spent on a client.

I have spent less time and upkeep on a Qualified Purchaser or Individual than someone with significantly less assets which sounds counterintuitive, but is the case 9/10 times.

There is nothing wrong with changing or upping your minimum for a new client. It establishes exclusivity, expectation. and commitment.

This is “generally” a guideline for advisors but determine during the discovery process what the level of intervention, contact and help they will need and ensure it is economically viable to pursue.

They are busy individuals

There are 2 types of clients, the Dot-it-yourself and the advisory capacity.

Ideal Prospects For Financial Advisors

There is no need to have a client that is the DIY client. They take up time, administrative duties, and do not contribute to your growth.

For the most part, affluent individuals such as Physicians, Corporate Executives, business owners, etc. are focused on their craft and the success of it.

While these individuals (and most) are certainly capable of learning and creating a Wealth Management plan, would rather take that stress and duty off their plates and into the hand of a professional.

When a prospect tells you “they are too busy to talk”, you know you have the right individual on the other end.

They are performing at a high level, get compensated to do so and most likely have a family to also support and spend time with. You know how time and energy consuming this can all be.

They understand money as a tool

People tend to view money differently and they can both be from different camps.

There is the client that views money emotionally. It is a great question to ask when dealing with a new prospect. Knowing how they view money will give you a glimpse on what you will be dealing with in the near future.

Most likely they will be higher maintenance, call or email frequently, check their online statements every day and/or watch CNBC or Bloomberg all day.

There is the client that views money as a tool and a way to leverage to improve their lives financially, build out investments, businesses, real estate, etc.

This opens up an entirely different world for you as a wealth manager and is the cornerstone piece in becoming your ideal prospects and client.

Leverages others to benefit their lives

Humans strive to learn, ask questions and try new endeavors. However, there comes a time where we are limited in capacity to undertake a completely new learning experience.

While we are capable of learning most of anything in this world, there just are not enough hours in the day between obligations to handle these tasks.

Think of it in every day terms – you need a new roof.

Could you, maybe a buddy go up there and tear off the existing roof, replace the plywood, put down new tarp and re-shingle it? After watching a few YouTube videos, reading a few blogs and talking to a few Home Depot associates, sure you could!

It will only take you 3-4x as long and then remove yourself from doing the work you are good at.

We do it and your ideal prospects do it. This will help open up the conversation if they leverage other professionals and services to free up more of their time.

Had a financial event

While some people plan for certain events and situations. most people tend to deal with situations as they arise.

Finding your ideal prospects with money in motion or have had some sort of financial event will help improve the likelihood of that individual needing or wanting to take action with those funds.

This will be your first or second most important piece of information when finding your ideal prospects/